New Zealander Sir Ralph Norris will retire as chief executive of Commonwealth Bank of Australia, parent of ASB, in November.
His replacement comes from inside the bank – group executive, business and private banking Ian Narev.
In a statement to the Australian Stock Exchange, the bank’s chairman David Turner said it was recognised by Mr Norris and the board that it was the right time to appoint the next chief executive.
“On behalf of the board I want to thank Ralph for being an outstanding and fearless chief executive who has made a real contribution not just to banking but to the Australian and New Zealand communities,” said Mr Turner.
The former Air New Zealand boss almost doubled his total pay packet to A$16.2 million last year, making him Australia's highest-paid executive and sparking outcry across the Tasman as the public bank-bashing mood escalated.
During his six years in the role Sir Ralph helped steer Australia's largest bank through the tumultuous global financial crisis and its purchase of BankWest for just over $2 billion.
His replacement Mr Narev, 44, was previously a partner at McKinsey & Co and headed the consulting firm’s New Zealand office before joining the Commonwealth Bank of Australia.
He will be paid a fixed salary of $2.5 million, with potential for that to triple under incentive targets.
One Kiwi leaves, another arrives
Sir Ralph's' departure came as another New Zealand expat, Andy Lark, joined the bank's executive team.
Mr Lark started at CBA on July 1 as chief marketing officer. He arrived from Dell in the US where he was vice president of global sales for the company's enterprise division.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Soccer shocker: beIN won't launch standalone streaming service in NZ
- No foundation for fears programme closure will adversely impact exports – Callaghan
- Vista shares down 7% on higher expectations
- RAW DATA: Washington Post political correspondent says Trump's 'reset' is too little, too lat
- Cannabis reform needed but please cut the crap
Most listened to
- Sunday Business Episode 26: Air New Zealand CEO Christopher Luxon
- 'Grumpy as hell' Bill Bennett says he'll use a VPN to connect to Chelsea's club channel
- “Cut the cuteness about cannabis reform” - Matthew Hooton
- Rodney Hide thinks Winston Peters will be the future Maori king
- Ethical investment in KiwiSaver - David Cohen vs. Matt Nippert